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I agreed that they are the natural outcome, in the absence of effective regulation. Sans means without.
Capitalism inherently concentrates wealth, and as wealth concentrates, it builds upon itself while seeking out novel opportunities to deepen influence. We see this phenomenon in modern economic scenarios as individuals gain the ability to co-opt political forces, and create larger and larger wealth watersheds.
In other words, the existence of billionaires is a symptom of a broken system- one that has NOT effectively been regulated. They become monopolistic entities unto themselves. Billionaire brands then gain further leverage via network effects, creating a snowball that only government intervention can safely defuse. It doesn't matter if one billionaire is "good," nor one politician. As Edwards Deming famously said, "a bad system will beat a good person, every time."
I totally agree, broken system and all. Still a free market. The free market is inherently a broken system.